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RMR Mortgage Trust (Nasdaq: RMRM) announced it will release its Q1 2021 financial results on May 4, 2021, after Nasdaq closes. A conference call will be hosted by President Tom Lorenzini and CFO Doug Lanois on May 5, 2021, at 10:00 a.m. ET to discuss the results. Participants can access the call by dialing (877) 270-2148 or (412) 902-6510 for international callers. A webcast will also be available on the company's website. RMRM focuses on originating and investing in first mortgage loans secured by middle market and transitional commercial real estate.
RMR Mortgage Trust (Nasdaq: RMRM) announced the dividend characterization for 2020, with common dividends totaling $0.630000 per share. Approximately 73.61% of these dividends are classified as long-term capital gains. Furthermore, a deemed distribution of $0.783902 per share has been declared for shareholders as of December 31, 2020, also categorized as long-term capital gain. Detailed tax treatment information is available on RMRM's website for shareholders.
RMR Mortgage Trust (Nasdaq: RMRM) has announced a master repurchase facility agreement with UBS AG, aimed at enhancing its commercial mortgage loan investments. This facility, intended for strategic growth, allows RMRM to leverage its equity of $192 million by advancing up to 75% of loan amounts. The facility's three-year term involves floating interest rates based on LIBOR plus a premium. CFO Doug Lanois expressed optimism about the arrangement, highlighting its potential to support RMRM's growth strategy.
RMR Mortgage Trust (Nasdaq: RMRM) has successfully closed a $54.6 million first mortgage bridge loan for refinancing two manufactured housing communities in Ohio, totaling around 1,200 home sites. The loan features an initial funding of approximately $44.6 million and a subsequent allowance of about $10 million for capital improvements. This marks RMRM's largest loan to date, enhancing its portfolio to over $150 million in invested equity and $175 million in committed capital. The initiative aligns with the company's strategy as a commercial mortgage REIT, supported by manager Tremont Realty Capital.
RMR Mortgage Trust (Nasdaq: RMRM) has successfully closed a $10.9 million first mortgage bridge loan to finance the acquisition of a nine-story multi-tenant office building totaling 83,000 square feet located at 5040 NW 7th Street, Miami, Florida. This mortgage bridge loan features a two-year initial term with two one-year extension options, contingent on borrower compliance with specific criteria. RMR Mortgage Trust specializes in originating and investing in first mortgage loans backed by middle market and transitional commercial real estate.
RMR Mortgage Trust (Nasdaq: RMRM) has received SEC approval to deregister as an investment company, facilitating its transition to a commercial mortgage REIT. This shift allows RMRM to focus on originating and investing in first mortgage whole loans, having already executed five loans totaling $111.7 million. The company also announced management changes, appointing Thomas J. Lorenzini as President and G. Douglas Lanois as CFO. RMRM plans to fully invest its capital in the first half of 2021 and has formed a new management agreement with Tremont Realty Advisors LLC.
RMR Mortgage Trust (Nasdaq: RMRM) has closed a $19.1 million first mortgage bridge loan to refinance a lab campus in Berkeley, California, containing 47,000 square feet across three buildings. This loan features an initial funding of approximately $18.9 million and a $0.2 million allowance for leasing costs, with a three-year term and two one-year extension options. RMRM is transitioning from a closed-end investment company to a mortgage real estate investment trust. The press release also includes a caution regarding forward-looking statements and potential risks.
RMR Mortgage Trust (Nasdaq: RMRM) recently closed two first mortgage whole loans totaling $41.1 million, with initial fundings of $31.9 million. The first loan is a $24.6 million bridge loan for a retail property in Los Angeles, featuring $17.2 million initial funding and a $7.4 million future funding allowance. The second loan is $16.5 million for refinancing a mixed-use property in Aurora, IL, with $14.7 million initial funding and $1.8 million for tenant improvements. RMRM is transitioning to a mortgage real estate investment trust.
RMR Mortgage Trust (Nasdaq: RMRM) has announced a pivotal transition to a mortgage real estate investment trust. The company completed a $21.5 million first mortgage bridge loan for the acquisition of The Lab at RTP, a 72-acre life science and agri-tech campus in North Carolina. This loan features an initial funding of $13.5 million, with an additional $8 million available for expansion. RMRM continues to divest legacy assets, with less than 10% of total assets now in legacy positions. Its deregistration with the SEC is pending, expected to conclude by January 2021.
RMR Mortgage Trust (Nasdaq: RMRM) has announced a regular quarterly distribution of $0.10 per common share, payable on December 31, 2020. This distribution has been approved by the Board of Trustees under its managed distribution policy. Additionally, RMRM will retain any undistributed net long-term capital gains from 2020 and cover the U.S. federal capital gains tax responsibilities. As of November 30, 2020, RMRM reported a cumulative total return of (19.81%) and a cumulative distribution rate of 2.76%.
